Wednesday, December 21, 2011

Retail Short Position in AUD. Contrarian Indicator.

The following information is from my Forex dealer.The Speculative Sentiment Index (SSI) which is a contrarian indicator, shows that the retail short in AUD is much more than the long. That indicates more gain in AUD.

The following chart is a trend of AUD for the next 24 hours.

There is a Head and Shoulder pattern in 60 minute chart of AUD. Although I do not have much faith in this pattern, a decisive break above will help the SPX tomorrow morning.